MIRA INFORM REPORT

 

 

Report Date :

08.12.2012

 

IDENTIFICATION DETAILS

 

Name :

MAI TAI INFOTECH PRIVATE LIMITED

 

 

Registered Office :

6 Ground Floor, East – Bharat Kunj CHSL, Shradhanand Road, Near Shiv Sagar Hotel, Vile Parle (East), Mumbai – 400057, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

24.12.2009

 

 

Com. Reg. No.:

11-198108

 

 

Capital Investment/ Paid-up Capital:

Rs.0.100 Million

 

 

CIN No.:

[Company Identification No.]

U74990MH2009PTC198108

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Suppliers of Laptop Batteries, Laptop Adaptors, Laptop Motherboards, Lcd Screens, Led Screens, Optical Drives, Keypads, Hinges, Power Invertors, etc.

 

 

No. of Employees:

Information denied by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (18)

 

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a Group company of Maxtone Electronics Private Limited.

 

It is established company having moderate track, Their appears accumulated losses. Performance capacity is low. Financially seem to be week.

 

However trade relations are reported to be fair. Business is active. Payments are reported to be slow.  

 

The company can be considered for business dealings on a safe and secured trade terms and conditions.

 

 

NOTES:

 

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

INFORMATION DENIED BY

 

Name :

Mr. Mayank

Designation :

Director

Contact No.:

91-9769923434

Date :

08.12.2012

 

 

LOCATIONS

 

Registered Office :

6 Ground Floor, East –Bharat Kunj CHSL, Shradhanand Road, Near Shiv Sagar Hotel, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Tel. No.:

Not Available

Fax No.:

Not Available

E-Mail :

shirdipankaj@hotmail.com

 

 

DIRECTORS

 

AS ON 30.09.2011

 

Name :

Mr. Mayank Deenbandhu Shah

Designation :

Director

Address :

A/203, Darshana, 2nd Floor, Vithalbhai Road, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Birth/Age :

30.07.1965

Date of Appointment :

24.12.2009

Din No.:

00241256

 

 

Name :

Mr. Champakraj Juharmal Hansaji Gurjar

Designation :

Director

Address :

26, Shivaji Nagar, N.M. Joshi Road, Mumbai-400013, Maharashtra, India

Date of Birth/Age :

23.04.1956

Date of Appointment :

24.12.2009

Din No.:

01712070

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2011

 

Names of Shareholders

 

No. of Shares

Mayank Deenbandhu Shah

 

100

Apricot Investment Advisors Private Limited, India

 

4800

Maxtone Electronics Private Limited, India

 

5100

 

 

 

Total

 

10000

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2011

 

Category

 

Percentage

 

 

 

Bodies corporate

 

99.00

Directors or relatives of directors

 

1.00

 

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Suppliers of Laptop Batteries, Laptop Adaptors, Laptop Motherboards, Lcd Screens, Led Screens, Optical Drives, Keypads, Hinges, Power Invertors, etc.

 

 

 

GENERAL INFORMATION

 

Suppliers:

·         Maxtone Electronics Private Limited

·         Classic Computers and Electronics

·         Comprint Computers

·         Cyberstar Infocom Private Limited

·         Dev Information Technology  Private Limited

·         Dot Prints

·         S. System

·         Laptop Mart

·         M.C Modi and Company

·         Multi Electronics

·         Vinayak Info solutions

 

 

No. of Employees :

Information denied by management

 

 

Bankers :

Not Available

 

 

Facilities :

 

 

Unsecured Loans

As on 31.03.2012

Rs. in millions

As on 31.03.2011

Rs. in millions

LONG TERM BORROWING

 

 

Share holder loan

 

 

Apricot Investment Advisors Private Limited, India

4.888

6.577

Maxtone Electronics Private Limited, India

5.088

5.050

Nextex

0.000

0.530

 

 

 

Total

9.976

12.157

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

N.D. Shah and Associates

Chartered Accountant

Address :

3, Jay Sadguru Gajanan Society, Nariman Road, Vile Parle East, Mumbai-400057, Maharashtra, India

Tel. No.:

91-22-26126565/66

 

 

Related Party:

·         Apricot Investment Advisors Private Limited, India

·         Maxtone Electronics Private Limited, India

·         Nextex

 

 

CAPITAL STRUCTURE

 

As on 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000

Equity Shares

Rs.10/- each

Rs.0.100 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000

Equity Shares

Rs.10/- each

Rs.0.100 Million

 

 

 

 

 

The company has only of equity shares outstanding at the beginning and at the end of the reporting period

 

RECONCILIATION NUMBER OF SHARES AND AMOUNT OUTSTANDING AT THE BEGINNING AND AT THE END OF THE REPORTING PERIOD

 

Particular

As on 31.03.2012

Equity shares

No. of Shares held

Amount

Opening Balance 

10000

0.100

Issued  during the year

-

-

Equity shares at the end of the year

10000

0.100

 

 

DETAILS OF SHARE HELD BY SHAREHOLDERS HOLDING MORE THAN 5% OF THE AGGREGATE SHARES IN THE COMPANY

 

Particular

As on 31.03.2012

Names of Shareholders

No. of Shares held

% of shares held

Maxtone Electronics Private Limited, India

5100

51

Apricot Investment Advisors Private Limited, India

4800

48

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.100

0.100

0.100

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

(0.408)

(0.558)

0.019

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

(0.308)

(0.458)

0.119

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

9.976

12.157

0.552

TOTAL BORROWING

9.976

12.157

0.552

DEFERRED TAX LIABILITIES

0.002

0.000

0.000

 

 

 

 

TOTAL

9.670

11.699

0.671

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

0.124

0.015

0.000

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
7.834

14.261

2.321

 

Sundry Debtors
9.847

5.520

8.464

 

Cash & Bank Balances
3.261

3.738

0.612

 

Other Current Assets
0.008

0.011

0.000

 

Loans & Advances
0.734

0.337

0.111

Total Current Assets
21.684

23.867

11.508

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
11.204

11.705

10.671

 

Other Current Liabilities
0.547

0.152

0.000

 

Provisions
0.387

0.326

0.182

Total Current Liabilities
12.138

12.183

10.853

Net Current Assets
9.546

11.684

0.655

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.016

 

 

 

 

TOTAL

9.670

11.699

0.671

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

 

 

 

 

 

 

GROSS RECEIPT

128.873

60.369

8.632

 

 

 

 

 

 

EXPENSES

NA

NA

NA

 

 

 

 

 

Less

PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

0.718

(0.536)

0.027

 

 

 

 

 

Less

FINANCIAL EXPENSES                        

0.517

0.034

0.000

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

0.201

(0.570)

0.027

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

0.014

0.005

0.000

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX

0.187

(0.575)

0.027

 

 

 

 

 

Less

TAX                                                                 

0.038

0.000

0.008

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX

0.149

(0.575)

0.019

 

 

 

 

 

 

Earnings Per Share (Rs.)

14.9

-

1.88

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

 

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.86

(2.46)

0.23

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.61)

(1.26)

0.23

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

71.80

53.14

95.84

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.79

1.96

1.06

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Check List by Info Agents

Available in Report [Yes/No]

Year of Establishment

Yes

Locality of the Firm

Yes

Constitution of the firm

Yes

Premises details

No

Type of Business

Yes

Line of Business

Yes

Promoters background

Yes

No. of Employees

No

Name of Person Contacted

Yes

Designation of contact person

Yes

Turnover of firm for last three years

Yes

Profitability for last three years

Yes

Reasons for variation <> 20%

-

Estimation for coming financial year

No

Capital the business

Yes

Details of sister concerns

Yes

Major Suppliers

Yes

Major Customers

No

Payment Terms

No

Export / Import Details [If Applicable]

No

Market Information

-

Litigations that the firm / promoter involved in

-

Banking Details

No

Banking Facility Details

No

Conduct of the banking account

-

Buyer visit details

-

Financials, if provided

Yes

Incorporation details, if applicable

Yes

Last accounts filed at ROC

Yes

Major Shareholders, if applicable

Yes

Date of Birth of Proprietor/Partner/Director, if available

Yes

PAN of Proprietor/Partner/Director, if available

No

Voter ID No of Proprietor/Partner/Director, if available

No

External Agency Rating, if available

No

 

OPERATIONS:

 

In the year the gross total receipt was Rs.128.872 millions and the profit/(loss)after tax was Rs..149 million.

 

The Details of sundry creditors:

Rs. In Millions

Particulars

31.03.2012

31.03.2011

31.03.2010

 

 

 

 

Sundry Creditors

11.204

11.705

10.671

 

 

 

 

 Total

11.204

11.705

10.671

 

Sundry Creditors Partial Details 

Rs. in Millions

Particular

31.03.2012

Maxtone Electronics Private Limited

0.733

Classic Computers and Electronics

0.005

Comprint Computers

0.307

Cyberstar Infocom Private Limited

0.819

Dev Information Technology  Private Limited

0.037

Dot Prints

0.003

S. System

0.001

Laptop Mart

0.008

M.C Modi and Company

1.749

Multi Electronics

0.918

Vinayak Info solutions

0.002

 

 

Sundry Creditors Partial Details 

Rs. in Millions

Particular

31.03.2011

31.03.2010

Accord Global Express

0.007

0.000

Blue Dart Express Limited

0.001

0.000

Comprint Computers

0.565

0.000

Maxtone Electronics Private Limited

7.295

1.212

Nextex

1.284

1.212

Redington India Limited

0.000

0.676

Cyberstar Infocom Private Limited

0.820

0.000

Max info solutions

0.115

0.000

Prathamesh Shipping Private limited

0.044

0.000

Laptop Mart

0.015

0.000

Laser Technologies

0.033

0.000

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.20

UK Pound

1

Rs.86.99

Euro

1

Rs.70.22

 

 

INFORMATION DETAILS

 

 

Information Gathered by :

PJA

 

 

Report Prepared by :

BYI

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

2

--CREDIT LINES

1~10

2

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

18

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

-

NB

                                       New Business

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.